Universal Music Group hit the trifecta Monday by signing Taylor Swift to a global recording agreement within four months of cutting unprecedented deals with Elton John and the Rolling Stones.
The rapid-fire signings of three of music’s biggest names upend the industry’s conventional wisdom that the one-time dominant labels were about to be eclipsed by streaming platforms like Spotify.
UMG’s multi-album agreement with Swift — the only artist with four albums that sold more than 1 million copies within the first week — spurred this tongue-in-cheek tweet with Swift video from BTIG analyst Richard Greenfield.
“Labels are dead,” Greenfield tweeted. “Superstars do not need labels in 2018 and beyond,” he continued as a setup for the punch line: “@taylorswift13 signs with @UMG.”
Greenfield later dismissed the notion that major artists would bypass the labels and reach fans by dealing directly with streaming services as being misinformed from the get-go.
“It was never an either-or,” he said. “Music is going to stay collaborative for many, many years.”
“[Swift]’s huge and only 28, which makes this one of the industry’s most significant agreements,” a source familiar with contract negotiations added.
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